All Forum Posts by: Peter M.

I would increase. I don't like tenant turnover but if it is always late anyway and you have reserves to cover it, take the late fees. They aren't a great tenant so if this makes them move of their own volition great, otherwise keep collecting those late fees. Is the late fee capped at 5% there? Do you have to wait until the fifth? When you sign a new lease maximize the late fee to whatever is legal and minimize the grace period. I used to have grace periods but after a year or so I learned my lesson. If it says no late fee until after the 5th, guess which day my tenants paid?

Normally I would agree with the other comments but in this case it may be worth it for you. It is usually not worth going after tenants for this but in Texas you can only terminate a lease for military service, family violence, and certain types of sexual crimes without penalty. It also depends on the wording of your lease but if you used the TAA or TAR lease you have the option to accelerate the payment if they default (which they did so you will win). If you win the judgment you can then place a lien on this new house they bought so you will get your money when they go to sell it. You just have to renew it every 10 years or it will expire. However I am pretty sure small claims in justice courts tops out at 10k which means you will have to go to county or district court. You will have to use a lawyer because you cannot represent yourself properly in these higher courts (I think technically you can but it is hardly ever done as a pro se litigant). Talk to a RE lawyer but understand they will not take this on contingency, you will have to pay out of pocket. You can add this to the award but it could be decades before you see any return on this investment.

It depends on how easy it comes off. If you spray it lightly with water before starting it helps a lot. But if it is really stuck on you will have to sand it down and make it smooth like an eggshell finish. If there are gouges you will need to build it up just like you would a wall.

My vote is to keep her. 6 years is a long time so there are going to be some extra maintenance issues upon turnover as well. However, I do it myself so the less hassle the better. You'd be getting $300 more per month so with PM leasing fees, it sitting vacant, and repairs/wear and tear issues I'd say you are easily in the $2500 range best case scenario. That's more than 8 months before you break even assuming no issues with a new tenant. 

Have you just tried renting a similar vehicle near you? There are lots of hidden charges that get tacked on in addition to what you see on price-line, kayak, or the rental website itself. 

It depends on your state. You will need to ask a CPA but generally no. However the taxing authority may notice the change and re-assess the property causing your property taxes to go up. Just make sure you protest them.

Not as long as the mortgage company reported it while you were paying. It would simply look like any other paid off account on your report. 

@Thea Linkfield Great job and congrats on the profit! I am curious about the closing since you bought it at a foreclosure auction. Did you run into any title issues during any of the 4 contracts?

Go to a few of the P&Z meetings, listen to the issues and talk to some of the members. Every municipality does it differently but the staff members are usually the ones you want to make friends with if you can figure out who they are. There are also consultants who will walk you though the zoning and permitting process. Since Balch Springs is more remote and less developed you may have a harder time finding these types of consultants but I'm sure Frisco, McKinney, Allen would be places to look. 

I don't have direct experience with this but my dad was on a P&Z board a few years ago so I learned a few things listening to him. 

Sounds like a cool project. Good luck

Local property code will dictate this. You need to figure it out before the constable gets there though because there is a lot of potential liability. You say squatter but the law may view him as a tenant and there may be different rules you have to follow depending on which. If in doubt follow the stricter law.